Mortgage Rates September 20, 2017

Mortgage rates for September 20, 2017 are on “pause” to start the day as the market awaits this afternoon’s FOMC announcement.  As of this morning we’re seeing 30 year fixed mortgage rates below 3.875%, 15 year fixed rates below 3.125% and 7/1 ARM rates below 3.375% (conforming, zero points) – the cost to obtain these mortgage rates mortgage interest rateshould be similar to yesterday. Yesterday we had Building Permits, Housing Prices, Import Prices and Export Prices and today we had Existing Home Sales, MBA Purchase index, MBA Refinance index, Oil and this afternoon’s FOMC rate decision.

Generally speaking mortgage rates are near their 2017 lows as we had into the last 3 months of 2017.  Current mortgage rates continue to be under pressure due to the recent selling in the bond market.  Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.625% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 2.875% (conforming, zero points).  

The 10y yield started off the day at the 2.22% level and the FNMA 30y 3.5 started off the day at the 103.25 level and currently sitting at the 103.24 level.  Today we Existing Home Sales, MBA Purchase index, and MBA Refinance index – for the most part these reports were weaker than expected and/or compared to last month.  Later today we have Oil and this afternoon’s FOMC rate decision.

If you are considering a refinance of your current mortgage or a purchase of a new home please be sure to give us a call for a no cost – no obligation quote.  We offer industry low mortgage rates and top notch customer service.

FOMC UPDATE FROM REUTERS:

RTRS – FED LEAVES TARGET INTEREST RATE UNCHANGED AT 1.00-1.25 PCT , STILL SEES ONE MORE RATE HIKE IN 2017

RTRS – MEDIAN VIEW OF APPROPRIATE FEDERAL FUNDS RATE AT END-2017 1.375 PCT (PREV 1.375 PCT); END-2018 2.125 (PREV 2.125 PCT): END-2019 2.688 (PREV 2.938 PCT); END-2020 2.875; LONGER-RUN 2.750 PCT (PREV 3.000 PCT) – FED PROJECTIONS

RTRS – ELEVEN OF 16 FED POLICYMAKERS SEE ONE MORE RATE HIKE IN 2017 COMPARED WITH 8 IN JUNE

RTRS – FED SAYS TO START SHRINKING BALANCE SHEET IN OCTOBER FOLLOWING SCHEDULE IT LAID OUT IN JULY

RTRS- FED’S PROJECTIONS POINT TO THREE RATE HIKES IN 2018, TWO IN 2019 AND ONE IN 2020

RTRS- FED SAYS INFLATION TO RISE TEMPORARILY IN AFTERMATH OF HURRICANES